The rev-limiter isn't holding the ski back.
In the water... your engine is only turning about 6700 ~ 6800 RPM's. SO... if you put in a rev limiter that is set to 7200 RPM's... the ski isn't going to go faster since you aren't getting to that speed anyway. Also... now, when you jump a wave... the engine will rev higher, and when you come back into the water... the engine will have to decell from a higher speed. This can cause phisical damage to the engine, PTO, and driveshaft. (higher shock load to the system)
IF... you mod the engine to produce more power... then yes... raising the rev-limiter will let you get more speed.
Factory Pipe get's an extra 20 HP out of the 720 engine... and part of their package is a new rev-limiter. They raise it to 7200 RPM's... and in turn, they get an extra 5 mph out of their spec 2 pipe system.